It was a somewhat muted day today across Class III and Class IV. Class III rose 10-15 cents across the board on mixed spot results. Just one Class IV contract had traded at the time of writing, with butter and nonfat down across the board. Overall, it was a slow start to the week off the back of a highly anticipated Milk Production report.
Less volume traded in Chicago today. Block prices lifted to $1.8900 per pound, up $0.0450 per pound, with two lots traded. Meanwhile, barrels slipped to $1.9150 per pound, down $0.0050, with only one load exchanged. Butter also dipped today, settling at $3.0650 per pound, giving up $0.0250 per pound, with one lot sold.
July Class III futures rose today to $19.87 per hundredweight, gaining 12 cents, while the nearby Class IV contract came in at $21.21 per hundredweight, losing 12 cents. Q3 “all-cheese” futures were in the green, settling at $2.0333 per pound and tacking on $0.0220. Following the spot market, butter futures also softened today, with July futures coming in at $3.0550 per pound, down $0.0300.
According to the latest Crop Progress report, 69% of the corn crop was rated good to excellent as of June 23. Meanwhile, soybean planting is wrapping up, with 97% of the crop planted, and 67% rated good to excellent.
